Organizations all over the globe are legally obliged to protect their customer’s sensitive data – from being lost or misused. As such, they are heavily invested in IT solutions concerning data security.
What is data security?
Data security is the ultimate solution for protecting all digital information – software, hardware, storage and user devices, organizational rules and processes, and access and administration – from theft, unauthorized access, and corruption throughout its life cycle.
Types of data security solutions
- Access Controls – This technology limits physical and digital access to data and the organization’s systems. Login-ins and limited access to authorized personnel are part of this type of data security.
- Authentication – Passwords, security tokens, swipe cards, etc., are part of the authentication data security technology that ensures access based on the accessor’s identity.
- Backups and Recovery – Organizations need to back up their data in case of loss. Backups are essential for data protection and easy availability, despite future risks.
- Data Resiliency – A robust and stable system is the base of any organization. Thus, a resilient system, i.e., one that can withstand failures. Comprehension of data resilience in hardware and software is an absolute necessity in case of natural disasters or sudden power outages, etc.
- Encryption – Data encryption uses complex algorithms such as tokenization to mask sensitive information. In case of a data breach, it can be accessed only under decryption keys.
- Data Masking – It is a form of encryption and involves replacing a part of sensitive data with a mask, i.e., information of a similar structure but a different value.
- Data Erasure – Erasing data no longer required is a part of data security technologies, as a breach would create instability in the IT infrastructure.
Top risks to data security
With the increase in organizations depending more on IT solutions as part of their essential management and functional systems, data breaches are the most prominent threats to the stability of the organization’s infrastructure. Data breaches can be the result of several cyber incidents –
- Exposure of data accidentally
- Company insider threats
- Data loss in the cloud
Advantages of data security
Securing data is one of the most vital steps to maintaining trust and ethics in any business. If data security procedures are properly implemented, all data is protected from external and internal threats, including human errors.
- Safeguards valuable user information, increasing the reliability and confidence of users in the company’s service.
- Upholds the company’s reputation and increases the trust factor.
- A solid data security service stimulates an organization’s growth, giving it an edge over its competitors.
- Early implementation of security measures saves future development and maintenance costs and time in case of breaches.
Data Security Regulations
Data compliance relies heavily on data security. Specific regulations complied with by software companies in the business are –
- Health Insurance Portability and Accountability Act (HIPPA)
- California Consumer Privacy Act (CCPA)
- General Data Protection Regulations (GDPR)
- Payment Card Industry Data Security Standard (PCI DSS)
- International Standards Organization (ISO) 27001
- Sarbanes-Oxley Act (SOX)
For example, all US healthcare institutions need to comply with HIPPA when it comes to patient information. Breaching regulations will lead to dire consequences, including facing legal action, loss of reputation, monetary fines, etc.
Commitment to data security
Software companies bear a vital obligation to safeguard their clients’ sensitive data. Data breaches can result in significant financial losses, reputational harm, and loss of confidence in this digital age, which is why software companies must prioritize data security.
- Adhering to industry standards
Companies complying with data security standards such as ISO 27001 and SOC 2 are committing to providing premium data security for their clients. These standards provide a framework for secure data management. Adherence to the frequently need-based varying standards is an absolute necessity for companies to maintain loyalty toward their clientele. Additionally, incorporating new technologies results in improved streamlining, faster reporting, more robust compliance, etc.
- Implementing security protocols
Securing sensitive data is vital for companies handling scores of user information. Processes such as firewalls, encrypted communication channels, access controls, etc., aid data security. A client is more inclined to trust a company with a robust, transparent data security policy compared to one with a vague plan in place.
- Conducting regular security audits
Businesses involved in handling scores of data should proactively carry out security audits regularly to maintain their standards of data security. Regular audits aid in discovering disparities in the system, which, if not realized early, can cause severe damages, including the ones we have discussed before. Companies need to train their team to carry out thorough checks of the pre-existing system to implement immediate action in case of any emergency.
- Proper training of employees
Creating a proper training program for all employees to help them understand the importance of data security and the ways to safeguard sensitive information is a dire necessity for companies. A knowledgeable employee is less likely to make errors that could lead to a data leak. Companies will survive only with an efficient, well-informed team whose primary purpose is to serve their clients well.
- Implementing a data breach response plan
A well-structured and detailed data breach response plan developed for responding to emergencies strengthens a company’s ability to handle dire consequences. A thorough plan should have steps to contain the breach, notify the affected individuals, and learn from the situation to avoid possible future attacks. A dedicated audit team comes in handy in such cases, for they are well-informed on the predicted situation and can implement the response plan accordingly.
- Establishing a culture of security
A corporation develops a sense of ownership and accountability by prioritizing data security and encouraging employees to report any security problems. This helps in ensuring that the company employees take security seriously. Understanding the risks involved and prioritizing investigations will help develop and cultivate a safety culture.
- Maintaining transparency
Software companies must be open and transparent about their policies and processes relating to data security. They should instill the importance of maintaining a secure system in their employees and encourage them to report suspicious activities threatening to cause a data breach. Clients appreciate transparency as a value, and the trust developed secures a loyal client base.
TechVariable’s Pledge On Data Security
We take tremendous pride in our approach to data security. Our projects adhere to proclaimed market standards such as HIPPA, GDPR, etc. We house a well-informed team working on implementing security protocols and maintaining transparency. Special seminars are conducted to keep our team updated on the most recent changes regarding data security. Additionally, regular audits are undertaken to ensure our security processes work well. Despite adhering to strict security protocols, we have a data breach response plan in case of emergencies.
Thus, data security is critical for software companies working with user information and should be addressed cautiously. Companies must put a thorough data security plan in place to demonstrate their commitment to data security, one that secures sensitive data while retrieving it in case of a breach. This, in turn, will increase their trustworthiness, gratify clients, and create better future chances.